7:15 am, August 11, 2021
Values from BCA’s car auctions continued to climb in July with average values above £9,000 for the second month in a row – and £1,000 ahead of 2020.
Despite BCA advising car dealers last month that values were more stable than ‘sensationalist headlines’ suggest, its latest figures broke records again.
In July the average used car sold for £9,513 at BCA, which was a further 3.6 per cent increase on June’s prices – the equivalent of £330. This figure is 11.7 per cent ahead of July 2020 or £1,000.
BCA added that while it is offering around 6,000 cars a day, it is seeing up to 10,000 bidders typically logging on to the online only auctions.
Chief operating officer Stuart Pearson said: ‘There is an expectation that new car supply is likely to remain constrained for some time, which suggests that used car demand will continue to drive values up for some months yet.
‘BCA remains committed to providing our customers with the greatest choice of the best used stock in the market, via the most efficient and user friendly online buying process possible.’
This demonstrates a marked change from its stance at the end of June that values were remaining stable.
BCA is addressing the extra demand with increased volumes of stock at Saturday sales and the addition of regular Sunday sales from September onwards.
Pearson said: ‘BCA sales continue to remain exclusively online, giving our customers the easiest access to the widest choice of stock in the wholesale market with thousands of vehicles available to purchase daily.
‘We’ve continued to see record numbers of customers logging in and buying online and average values continuing to outstrip market expectations by a significant margin.’
